Quanta Services, Inc. (NYSE:PWR) Position Lifted by Old North State Trust LLC

Old North State Trust LLC lifted its stake in shares of Quanta Services, Inc. (NYSE:PWR) by 16.4% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,360 shares of the construction company’s stock after purchasing an additional 192 shares during the period. Old North State Trust LLC’s holdings in Quanta Services were worth $346,000 as of its most recent filing with the SEC.

Other hedge funds have also bought and sold shares of the company. Nomura Holdings Inc. acquired a new stake in shares of Quanta Services during the 4th quarter valued at approximately $631,000. Wellington Management Group LLP boosted its holdings in shares of Quanta Services by 581.3% in the 4th quarter. Wellington Management Group LLP now owns 117,014 shares of the construction company’s stock valued at $25,252,000 after buying an additional 99,840 shares during the period. Vanguard Group Inc. grew its position in shares of Quanta Services by 1.2% during the 4th quarter. Vanguard Group Inc. now owns 16,235,875 shares of the construction company’s stock valued at $3,503,702,000 after buying an additional 191,334 shares during the last quarter. Allen Investment Management LLC raised its stake in Quanta Services by 1,418.0% during the first quarter. Allen Investment Management LLC now owns 33,396 shares of the construction company’s stock worth $8,676,000 after acquiring an additional 31,196 shares during the period. Finally, Public Employees Retirement Association of Colorado boosted its stake in Quanta Services by 20,298.9% in the fourth quarter. Public Employees Retirement Association of Colorado now owns 1,057,681 shares of the construction company’s stock valued at $228,248,000 after acquiring an additional 1,052,496 shares during the period. 90.49% of the stock is currently owned by institutional investors and hedge funds.

Quanta Services Stock Performance

NYSE:PWR opened at $296.74 on Monday. The company has a 50-day moving average of $266.18 and a 200-day moving average of $263.66. The firm has a market cap of $43.44 billion, a price-to-earnings ratio of 57.51 and a beta of 1.01. The company has a current ratio of 1.30, a quick ratio of 1.25 and a debt-to-equity ratio of 0.45. Quanta Services, Inc. has a twelve month low of $153.74 and a twelve month high of $306.50.

Quanta Services (NYSE:PWR) last issued its earnings results on Thursday, August 1st. The construction company reported $1.90 earnings per share for the quarter, topping analysts’ consensus estimates of $1.75 by $0.15. The firm had revenue of $5.59 billion during the quarter, compared to analysts’ expectations of $5.51 billion. Quanta Services had a net margin of 3.59% and a return on equity of 16.29%. The firm’s revenue for the quarter was up 10.8% compared to the same quarter last year. During the same period last year, the firm posted $1.47 earnings per share. Analysts forecast that Quanta Services, Inc. will post 7.82 earnings per share for the current fiscal year.

Quanta Services Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Tuesday, October 1st will be issued a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a dividend yield of 0.12%. The ex-dividend date is Tuesday, October 1st. Quanta Services’s dividend payout ratio is 6.98%.

Insider Activity at Quanta Services

In other news, insider Karl W. Studer sold 23,357 shares of the business’s stock in a transaction that occurred on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total transaction of $6,318,302.07. Following the sale, the insider now owns 10,631 shares in the company, valued at $2,875,791.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, CEO Earl C. Jr. Austin sold 130,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was sold at an average price of $262.21, for a total value of $34,087,300.00. Following the completion of the sale, the chief executive officer now owns 593,402 shares of the company’s stock, valued at $155,595,938.42. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Karl W. Studer sold 23,357 shares of the company’s stock in a transaction on Wednesday, August 21st. The shares were sold at an average price of $270.51, for a total value of $6,318,302.07. Following the transaction, the insider now directly owns 10,631 shares in the company, valued at $2,875,791.81. The disclosure for this sale can be found here. Insiders sold 202,357 shares of company stock worth $53,115,572 in the last quarter. 1.10% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on PWR shares. Truist Financial reissued a “buy” rating and issued a $319.00 price target (up previously from $305.00) on shares of Quanta Services in a report on Monday, August 5th. Robert W. Baird upped their price target on shares of Quanta Services from $287.00 to $288.00 and gave the stock an “outperform” rating in a research report on Friday, July 19th. Northland Securities boosted their target price on shares of Quanta Services from $264.00 to $280.00 and gave the company an “outperform” rating in a research note on Friday, August 2nd. Wolfe Research assumed coverage on Quanta Services in a research report on Thursday, September 19th. They set an “outperform” rating and a $313.00 price objective for the company. Finally, TD Cowen raised their target price on Quanta Services from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, August 8th. Four equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $286.69.

About Quanta Services

Quanta Services, Inc provides infrastructure solutions for the electric and gas utility, renewable energy, communications, and pipeline and energy industries in the United States, Canada, Australia, and internationally. The company’s Electric Power Infrastructure Solutions segment engages in the design, procurement, construction, upgrade, repair, and maintenance of electric power transmission and distribution infrastructure and substation facilities; installation, maintenance, and upgrade of electric power infrastructure projects; installation of smart grid technologies on electric power networks; and design, installation, maintenance, and repair of commercial and industrial wirings.